Hungary is prepared to take “necessary steps” toward stronger trade relations with the Philippines, an official from the Central European nation has assured.
Deputy State Secretary of the Ministry of Foreign Economic Relations and Foreign Affairs of Hungary Katalin Bihari made the commitment during the Philippines – Hungary Business Networking Event on December 1.
Over 80 participants representing 36 Hungarian and Philippine firms in the environmental, labor market, and information and communications technology industries attended the event.
H.E. Ambassador Titanilla Tóth from the Embassy of Hungary in Manila also joined the proceedings to support the Hungarian delegation.
Bihari said the gathering was a prime opportunity for Hungarian firms to increase their presence in the Philippines, build new partnerships, and diversify exports.
The Deputy State Secretary also recognized the Philippines’ “prominent position” in Hungarian foreign economic policy, and emphasized the country’s standing as an “important trade partner to Hungary among the Association of Southeast Asian Nation countries.”
Ambassador Tóth affirmed Bihari’s statements, attesting to the Philippines’ favourable business environment.
This was also echoed by a Hungarian business leader Adrian Kiss, Hungarian Water Technology Corporation chief executive who encouraged Hungarian companies “to be brave, come [and] do business in the Philippines.”
Kiss extended the invitation after presenting some of HWTC’s completed collaborations with Philippine government agencies.
Included in this showcase was a strategic cooperation with the Laguna Lake Development Authority, intended to support the rehabilitation of the lake basin.
Kiss also highlighted a partnership with the Philippine National Disaster Risk Reduction and Management Council to develop water treatment technologies for use in natural disasters.
The Hungarian executive thanked the Philippine government for holding regular meetings via the Joint Commission on Economic Cooperation, which among other subjects, explores technologies in various sectors.
The HWTC is a provider of water treatment technology, and has completed projects in 35 countries in the past 30 years. In the Southeast Asian region, HWTC counts the Philippines as among its top partners, Kiss shared in his message.
For his part, Trade Undersecretary and Board of Investments Managing Head Ceferino Rodolfo spotlighted the Philippines’ strong economic performance.
He cited indicators such as the country’s improving export numbers, as well as the record-breaking foreign direct investments into the Philippines in 2021.
The undersecretary also reported on the Philippines’ game-changing economic reforms to ease investor entry, such as amendments to the Public Service Act, the Retail Trade Liberalization Act, the Foreign Investments Act; as well as the passage of the Corporate Recovery and Tax Incentives for Enterprises Act.
Rodolfo also presented an overview of trade and investment relations between Philippines and Hungary. “Philippine exports to Hungary increased by 40.26%—from USD 110.06 million in 2020 to 154.37 million in 2021. We believe the new exports of machine parts and accessories, as well as the increase in outward shipment of products such as digital monolithic integrated circuits, contributed to this growth,” the undersecretary said.
Philippine imports from Hungary expanded by 16.68%, a development attributed to the “sharp increase” of importation in parts of refrigerators and freezers, as well as in the inward shipment of materials for electronic machinery.
The undersecretary also underlined the Philippines’ efforts toward renewable energy development.
Rodolfo cited the Department of Energy’s recent decision to allow 100% foreign ownership of renewable energy sources.
In November, Energy Secretary Raphael Lotilla signed a circular amending the implementing rules and regulations of the Renewable Energy Act of 2008, and allowing 100% foreign capital in renewable energy projects.
Rodolfo also invited Hungarian to view the Philippines as a sustainable manufacturing hub.
He said the Philippines is rich in green metals such as nickel, copper, and cobalt which can be used for battery production.
The undersecretary also reported on the executive order cutting tariffs on imported electric vehicles. The executive order was approved by the National Economic and Development Authority, which is chaired by President Ferdinand Marcos Jr.
“The Philippine government is here to support and assist you in however way we can,” said Rodolfo.